August 3rd, 2021, KMS Solutions and Mambu announced a partnership to co-develop a digital platform tailored to BFSI businesses, promising to mark a new chapter for Digital Banking and Financial Technology (Fintech) in Vietnam.
Aiming to be the trusted partner of businesses on the Digital Journey, KMS Solutions recently introduced the BankTech model, a branded package of solutions dedicated to BFSI businesses. BankTech offers a diverse array of innovative technologies, notably electronic Know-your-Customer (eKYC), Mobile Banking, Online Banking, Business Intelligence, and Quality Testing. The initiation ceremony launching this model in April attracted a large number of banking leaders and press agencies.
The Decision 986/QD-TTg promoting the development of the banking sector in late 2018 has set the stage for Digital Banking in Vietnam to grow, which continued to flourish when the Government sanctioned the Decision 810/QD-NHNN in May this year. Within the current regulatory framework, the partnership of KMS Solutions and Mambu is deemed a strategic and pertinent move, underscoring the two companies’ joint vision in promoting the development of Digital Banking in Vietnam.
A KMS Solutions’ press announcement claimed that the BankTech model empowers BFSI businesses to embrace Digital Transformation by addressing three major challenges: excellent customer experience, optimal operational system, and continuous banking product innovation.
“Mambu’s cloud-native, composable banking architecture provides KMS Solutions with the confidence to build and deliver our modern solutions for the BFSI landscape”, said Tai Le, Vice President at KMS Solutions.
Tai told the press that, under this partnership, the two parties are co-designing an end-to-end Digital Banking platform. On the back-office, the platform provides market-leading platform capabilities, allowing banks to accelerate banking product innovation. For the front-office, it provides frictionless mobile onboarding with a host of purpose-built features and models, such as Payment Account, Peer-to-Peer Payment, Buy Now Pay Later, and Revolving Credit. The basic premise is to provide anytime-anywhere banking services to customers.
Having accumulated 12 years of experience, KMS stands out with its large technological capacity, having up to 1200 seasoned experts and consultants working in the background to ensure clients’ success, while Mambu is a fintech unicorn well-known for its creative fintech innovations and extensive expertise in the BFSI industry. Now that the partnership is formed, the two parties are ready to help local banks innovate their technology and customer experience via a single digital platform. Through its cloud-native and API-first approach, the Digital Banking Platform enables banks and financial institutions alike to modernize core banking, reduce time to value cycle, shift from Capex to Opex, and reduce CIR (cost to income ratio).
“Mambu is proud and delighted to have formed this partnership with KMS Solutions as we co-design an end-to-end Digital Banking platform for the Vietnamese market. We believe in the power of collaboration and together we can help financial services providers grow, innovate and rapidly deliver Technology and customer value.” said Pham Quang Minh, General Manager Vietnam, for Mambu. “Vietnam’s banking and financial services industry is at a very exciting point where we are seeing a great deal of innovation and a much greater acceptance and adoption of digital banking and financial technologies. The biggest mistake any bank can make right now is to do nothing - banks need to operate like fintechs — which are agile, responsive, and flexible — in order to remain viable and competitive, and we are thrilled to be a part of the future of banking. Digital banking will ultimately change the way Vietnamese people bank, improving access for all and making banking better.”
Today, while the pandemic is still raging, applying technologies becomes an imperative for banks to maintain operations and retain customers.
About KMS Solutions
KMS Solutions works closely with leading software companies across the globe to bring the most advanced and innovative technologies to Asia Pacific. The focus is to help organizations achieve their business goals through world-class fit-for-purpose solutions and proven industry best practices. KMS Solutions’ success is ultimately measured by the positive impact that it makes to the client’s business.
To learn more about KMS Solutions, visit: https://kms-solutions.asia/
Mambu is the only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 600 employees that support 200 customers in over 65 countries - including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange. www.mambu.com